North Miami-Dade News

WASHINGTON, D.C. – Today, Congresswoman María Elvira Salazar (R-FL), Chairwoman of the Subcommittee on the Western Hemisphere, and Representative Adriano Espaillat (D-NY), introduced the Innovation and Development in Ecuador Act (IDEA). The legislation aims to establish a program of trade preferences with Ecuador, an important partner and ally in the region.

Ecuador, despite being one of the main allies in South America, does not have a free trade agreement with the United States. In 2022 alone, Ecuador's imports to the United States amounted to $11.04 billion, making the health of the Ecuadorian economy important to U.S. interests. It is crucial to strengthen this trade partnership.

According to Congresswoman Salazar, "Ecuador is undergoing an unprecedented economic and security crisis. Ecuador needs an economic boost to get back on track. My bill will provide the much-needed stability to one of the most important allies of the United States in the region."

The IDEA Act grants Ecuador the benefits of the Caribbean Basin Economic Recovery Act (CBERA), which includes duty-free entry to the United States for certain products. It also confers other benefits under the Caribbean Basin Trade Partnership Act (CBTPA).

The United States imports over $6.17 billion worth of oil from Ecuador, as well as $1.68 billion in seafood, $637 million in plants, and $585 million in fruits. Expanding the benefits of the CBTPA will strengthen Ecuadorian production, reducing global prices for certain Ecuadorian imports such as tuna and roses. American consumers will benefit exponentially from increased access to Ecuadorian imports.

Representative Espaillat expressed his pride in co-leading the bipartisan IDEA Act, stating, "This innovative legislation aims to strengthen the trade ties between Ecuador and the United States. It will support a fundamental allied nation whose population is currently suffering from increased violence, poverty, and instability, leading to mass migration of Ecuadorians to the U.S. in recent years. Our bill will help reduce prices of products from Ecuador while addressing the root causes of mass migration from Ecuador by creating jobs, strengthening stability, and promoting economic growth and development in the region."

The IDEA Act also has the support of the Ecuadorian government. The Ecuadorian-American Chamber of Commerce (AmCham Ecuador) issued a statement in support of the legislation, stating, "AmCham Ecuador applauds Representatives Salazar and Espaillat for introducing this important legislation that will provide trade preferences to Ecuadorian exports entering the U.S. market. Ecuador is currently the only country in the Western Pacific without a trade agreement with the United States. Equally important, the legislation will pave the way for a comprehensive bilateral trade agreement between the United States and Ecuador. AmCham looks forward to working with the Noboa Administration, the U.S. Government, and the private sector to build strong and lasting ties between Ecuador and the United States."

The full text of the bill can be found [here](link).

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To find out more, go to this link: https://salazar.house.gov/media/press-releases/congresistas-salazar-y-espaillat-luchan-por-el-libre-comercio-con-ecuador